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The United Group of North Greenbush is looking for well-heeled investors to help finance its proposed $30 million senior housing complex in Glenmont.

Company officials filed paperwork with the U.S. Securities and Exchange Commission on Monday disclosing that they have been trying to raise $4.8 million through the sale of equity in the project, which would include 148 apartment units on Glenmont Road, which straddles the Thruway between Route 9W and River Road.

United Group officials could not be reached for comment Thursday.

United Group, a property development company headquartered at the Rensselaer Technology Park, had originally planned to finance the project through the U.S. Department of Housing and Urban Development when it was first envisioned in 2008.

HUD funding has apparently dried up in recent years, forcing United Group to change its funding structure.

But now it appears that United Group has to get wealthy investors to buy equity in order to get bank or other types of traditional financing.

"The (HUD) program was discontinued after the recession," Tim Haskins, a project manager with United Group told the Bethlehem IDA, according to a summary of his comments written in minutes. "To finance the project conventionally, the developer will need to raise $4.8 million in equity."

Although United Group had sought financial assistance from the IDA for the project, the IDA board rejected providing help.

Board members cited the fact that the apartments would only create 4 permanent jobs and 79 temporary construction jobs in their decision to reject the request for assistance, as well as the fact that the IDA's charter says it should only focus on non-residential economic development in the town, according to a copy of the minutes.

It does not appear that United Group has been very successful so far in raising money for Glenmont Abbey Village.

According to a filing made by Van Wies Village, a limited liability company set up by United Group to attract investment in the project, only $350,000 has been raised, with the minimum investment being $50,000.